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Determine the gross profit that McArthur-Douglas recognize

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Question - In 2013, McArthur-Douglas contracted to build an airplane for $12,000,000. Data relating to the contract are as follows: ($ in thousands)

 

2013

2014

Costs incurred during the year

$2,000

$6,000

Estimated costs to complete as of year-end

6,000

-

Billings during the year

6,000

6,000

Cash collections during the year

5,000

7,000

Required - Determine the gross profit that McArthur-Douglas should recognize in both 2013 and 2014 using the percentage-of-completion method. Show calculations.

Reference no: EM132639850

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